The largest U.S. oil and gas company ExxonMobil is considering Using Excess Gas to mine Bitcoin
The largest U.S. oil and gas company ExxonMobil is considering using excess natural gas in order to mine Bitcoin in Argentina, Guyana, Germany, and Nigeria, according to a Bloomberg report published earlier this Thursday.
Exxon is now considering similar pilot projects in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany, one of the people told Bloomberg.
“We continuously evaluate emerging technologies aimed at reducing flaring volumes across our operations,” spokeswoman Sarah Nordin told Bloomberg. She declined to comment on “rumors and speculations regarding the pilot project.”
ExxonMobil has secured a deal with Denver, Colorado-based Crusoe Energy Systems, which converts excess natural gas into electricity and allows earning Bitcoin.
Major oil companies such as Exxon and BP typically get rid of unwanted gas by flaring it. The practice is considered to be damaging to the environment since it contributes to global warming.
The pilot uses 18 million cubic feet of gas, which otherwise would have been dumped into the atmosphere, for powering Bitcoin mining.
Pavel Zavalny, Russian Chairman of the Congressional Energy Committee, announced that Russia is willing to accept Bitcoin payments for natural gas today. Russia is willing to accept a wide range of currencies for its export products, starting with pure gasoline. Nevertheless, he stated that it would be dependent on the importing country’s international relations with Russia.
“In the case of our ‘friendly’ countries, like China or Turkey, which don’t strain us, then we’ve got been providing them for some time to change funds to nationwide currencies, like rubles and yuan. With Turkey, it may be lira and rubles. So there might be quite a lot of currencies, and that’s a normal apply. If they want bitcoin, we will trade in bitcoin.” Zavalny mentioned.
Moreover, Zavalny noted that Russia will stop accepting payments in USD and EUR. It means all countries that have been hostile towards Russia must pay in Rubles only.
“When we exchange with Western countries…they should pay in hard money,” Zavalny said. “And hard money is gold, or they must pay in currencies which are convenient for us, and that is the national currency – ruble. That relates to our ‘unfriendly’ countries,” Zavalny said during the press conference.
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